New York, United States , March 24, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Suspension Market Size is to grow from USD 54.06 Billion in 2021 to USD 71.23 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period. The increasing use of suspension in various vehicle types such as two wheelers, passenger vehicles, commercial vehicles, and others will boost the demand for the automotive suspension market.
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One of the most critical systems in an automobile is the suspension system. A comfortable voyage enhances passenger comfort, prevents cargo damage, and reduces road accidents, especially on long journeys. Suspension systems assist in keeping the vehicle's tires in touch with the asphalt during the journey, decreasing shocks and preserving the vehicle and its cargo from wear and tear or damage. Rapid expansion in the use of electric vehicles in established economies, as well as the development of the automotive sector in developing regions, are expected to fuel global demand for automotive suspensions. Furthermore, widespread utilization of such automated procedures for better implementation and reliability is likely to drive market growth over the forecast period.
The active segment is dominating the market with the largest revenue share over the forecast period.
On the basis of system type, the global automotive suspension market is segmented active, passive, and semi-active. Among these, the active segment is dominating the market with the largest revenue share of 42.7% over the projection period. The rising motivation to enhance driving dynamics and passenger comfort is a primary element driving demand for active suspension systems. The most expensive suspension system is the active suspension system, but it is also the most sophisticated and comfortable.
The shock dampener segment accounted the largest market share over the forecast period.
On the basis of component type, the global automotive suspension market is segmented into shock dampener, leaf spring, struts, control arm, spring, ball joint, air compressor, and others. Among these, the shock dampener segment is dominating the market and is going to continue its dominance over the forecast period. The market for shock dampeners is predicted to expand as a result of increased manufacturer attention on improving the dampening capability of a vehicle's suspension.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Automotive Suspension Market Size, Share, and COVID-19 Impact Analysis, By System (Passive, Active, Semi-Active), By Component (Shock Dampener, Leaf Spring, Struts, Control Arm, Spring, Ball Joint, Air Compressor, Others), By Suspension Type (Hydraulic Suspension, Air Suspension, Leaf Spring), By Vehicle Type (Two Wheelers, Passenger Vehicles, Commercial Vehicles, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The hydraulic suspension segment is dominating the market with the largest revenue share over the forecast period.
On the basis of suspension type, the global automotive suspension market is segmented into hydraulic suspension, air suspension, and leaf spring. Among these, the hydraulic suspension segment is dominating the market with the largest revenue share of 35.5% over the forecast period. Hydraulic suspensions are frequently employed in the automotive industry. Hydraulic suspensions may adapt more quickly than air or leaf spring suspensions. Air suspension is commonly seen in military vehicles, high-end automobiles, commercial trucks, and buses.
The commercial vehicles segment accounted the largest revenue share of more than 62.9% over the forecast period.
On the basis of vehicle type, the global automotive suspension market is segmented into two wheelers, passenger vehicles, commercial vehicles, and others. Among these, the commercial vehicles segment accounted for the largest revenue share of over 62.9% over the forecast period. The growing industrial sectors, as well as the rising use of light commercial vehicles such as vans, are generating high demand for commercial vehicles. Technical advancements, as well as new vehicle releases and increased commercial electric vehicle penetration across the country, are expected to contribute to the rise of the automotive suspension market over the anticipated period.
Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 45.7% market share over the forecast period. The region is seeing a large increase in new car sales, particularly of passenger vehicles and commercial vehicles. Additionally, growing urbanization has driven the development of multilink and air suspension systems in industrialized nations in order to improve usability in passenger vehicles.
North America is predicted to grow fast as a result of regional technological developments and growing demand for active suspension systems. Europe, on the other hand, is predicted to experience significant revenue growth throughout the forecast period due to the presence of a strong automotive sector.
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Key Market Developments
In December 2022, Shanghai Baolong Automotive Company reported that it has obtained orders to deliver air supply units for a top local independent OEM's three model platforms' air suspension systems. The air supply unit project has a 5-year life cycle, with total life-cycle sales exceeding CNY 1.3 billion, and mass production is planned to begin in early 2024.
In May 2022, ThyssenKrupp's Springs & Stabilizers business segment launched a new technological center in Sao Paulo, Brazil, for the global development of suspension solutions for heavy vehicles. ThyssenKrupp's Springs & Stabilizers facilities in São Paulo and Ibirité manufacture springs and stabilizer bars for a wide range of vehicles, including cars, buses, and trucks. Engine components (such as assembled camshafts, cylinder head modules, and crankshafts), suspension and chassis components (such as steering systems, shock absorbers, springs, and stabilizer bars), and assembly services (modular axis) are examples of automotive products.
In May 2022, Marelli Corporation announced the signing of a strategic collaboration memorandum in Ningbo with Ningbo Huaxiang Electronic Co., Ltd. The two companies will work closely on suspension systems. The parties will investigate the prospects for vehicle suspension systems by leveraging their respective capabilities. They will use their technological and customer channel capabilities to jointly grow the suspension product business in the Chinese market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Suspension Market include Continental AG, ThyssenKrupp AG, Fox Factory Inc., KYB Corporation, Gabriel India Limited, BENTELER, Hendrickson L.L.C., Morelli Corporation, NHK Spring, and many others.
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